Saw this via Lifehacker. I left my practically new Moto RAZR in my backpack during Ultimate when a crazy flash thunderstorm suddenly filled the outer pocket of the backpack with water. Apparently the large inner area of the backpack was water proof, allowing the water to pool in the outer pockets.
I'll try this soon, hopefully I get the RAZR love again. I actually did have it mostly working. Some buttons were unresponsive and I missed a couple of calls, so I switched to an old marketing model v710.
Update: Since it has been 3 months since the incident, I had my doubts as to what an alcohol bath would do. So I just turned the phone on and all features seemed to work (including previously unresponsive buttons). I switched service back to that phone and am once again living the high life. You can rest easy now, good readers.